Vladimir Putin, Russia’s president, has extended central bank governor Elvira Nabiullina’s term for another five years.

At a meeting in the Kremlin, Mr Putin thanked Ms Nabiullina for her tenure running the central bank, which has seen her launch an unprecedented banking sector crackdown, ward off the ruble’s slump to record lows and bring inflation down from nearly 17 per cent to 4.6 per cent today.

Mr Putin said that Ms Nabiullina had “done a great deal to stabilize the situation in the economy generally, for allowing the banking sector and the whole financial sector to develop,” according to Interfax.

Since Mr Putin appointed her in 2013, the central bank has shut down 317 banks, most of which were involved in criminal operations, and reduced capital flight by nine times to Rbs317bn, Ms Nabiullina said.

Ms Nabiullina is seeking further regulatory powers including a revamp of the banking bailout system and streamlined criminal proceedings against banks involved in dubious transactions.

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